CONVERTIBLE NOTES PAYABLE

12 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 8 – CONVERTIBLE NOTES PAYABLE

As of September 30, 2015 the Company has the following unsecured convertible notes, issued on the dates listed, to various unrelated third parties outstanding.

Date	Amount		Maturity period	Interest rate		Conversion price	Conversion period
March 26, 2015	$	100,000	12 Months	10	%	70% of market	6 Months
May 7, 2015		200,000	9 Months	8	%	65% of market	6 Months
May 12, 2015		174,000	9 Months	8	%	65% of market	6 Months
June 8, 2015		200,000	12 Months	10	%	70% of market	6 Months
June 25, 2015		300,000	12 Months	8	%	65% of market	6 Months
August 21, 2015		300,000	12 Months	10	%	75% of market	6 Months
Total	$	1,274,000

The use of the proceeds from the notes issued is for growth capital and planned acquisitions. As per the terms of these convertible notes the Company has reserved 1,500,000 shares (post reverse split basis) representing approximately six times the actual shares that would be issued upon conversion of all the notes.

 

As of September 30, 2015, 371,069 shares of the Company’s common stock have been issued to satisfy $658,000 of convertible notes payable.